How to Save Extra Bucks during a Recession

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By bonbonmontero
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Save Extra Bucks during a Recession

Money is very tight these days. A lot of people out there lost there jobs and couldn't find a new job. Business owners see a powerful decline of sales. Corporations are feeling the pain of tighter credit. This crisis isn't restricted to just happened here in the U.S. but it is WORLDWIDE - Europe, Asia, everywhere. This is a severe recession. Though I have no idea how long this going to be, but it is pretty obvious that it is the worst we have had for a very long time.

Knowing how to struggle in a recession is often a fantasy game leading to confusion and frustration. However, it does not stop us to save a little money for future emergencies. While there are thousands of great tips to save money and stretch a budget - here are some of my ideas that I personally follow this year.

Difficulty: Challenging

Instructions

Step 1

MAKE A BUDGET PLAN - Oh well, God knows it is so easy to spend money on things we don't really need. I think it's time to get serious about preparing household budget plan. In this way you can check which items you need to cut down and reduce some unnecessary expenses. There is software out there which guides you along the way. You can try Microsoft personal budget worksheet. It's free and easy.
Step 2

CUT BACK ON DINING - Well, you might be wondering if eating IN is cheaper than eating OUT - especially for just 2 people. The answer is YES, definitely. And this is based on my experienced. Though it is nice to eat out every so often (not to worry about cooking and the dishes) but eating out isn't just about spending on your food but also spending on your gas. Besides, eating home-prepared food is always healthier than restaurant meals. So, buy more food from the grocery store and if you have space on your backyard-you might want to plant a salad garden this spring. Oooopps... you might want to give up on your morning latte as well ($5 starbucks) and consider making your own coffee in the office or at home.
Step 3

CUT DOWN ENTERTAINMENT - No way! I didn't say there are no going out anymore. Of course, you can still meet up with friends to have fun. But you might want to consider some other alternative ways - enjoyable yet cheap. Watching movies at home isn't a bad idea. Cooking with friends at the house is even a great idea. Playing board games or Wii with friends is definitely fun.
Step 4

LESSEN TRAVEL - Depending on how many times you travel in a year. I think you better cut it in half this year - until the economy gets better. If travel is your passion and traveling gives you the greatest joy, then go for it but you just need to be wiser this time. Find interesting places near you or look online for cheap travel deals. And you need to plan ahead!
Step 5

BORROW BOOKS - If you are a book lover- it is about time to check on your public library or borrow books from people you know. But for your favorite book collections, you can buy used books online.